Oando Plc - Unaudited financial results for the quarter ended 31 March 2006
Oando Plc
(Incorporated in Nigeria and registered as
an external company in South Africa)
Registration number RC6474
(External company registration number 2005/038824/10)
Share code on the JSE Limited: OAO
Share code on the Nigerian Stock Exchange: UNTP
ISIN: NG00000UNTP0
("Oando" or "the Company")
Unaudited Company financial results for the quarter ended 31 March 2006
Turnover increased marginally by 2% compared to the corresponding period last
year. This was as a result of our increase in the downstream marketing business
- due to the impact of pump prices, which were increased in Quarter 1 last year,
and the lower level of activity in the supply and trading business due to the
relatively lower imported products requirement in the country in the Quarter
under review.
Operating profit was 8% higher driven by slightly higher overall margins.
PBT was 6% higher compared to the previous quarter, as a result of higher
interest costs brought about by higher levels of borrowings.
Profit attributable to ordinary shareholders of the Company was 22% higher as
compared to the previous quarter. This was due to the relatively higher
contribution from the wholly owned business - downstream marketing, compared to
that by the partly owned businesses in the previous quarter.
Outlook
The business environment is expected to remain the same for the rest of the
year. On the downstream marketing front we expect that the price caps on petrol
and other products will remain. We shall be concentrating on driving the
efficiency of the business, including the level of capital requirement.
With the anticipated start up of the subsidy fund, we expect to become a major
player in the importation of fuels in the Nigeria. This should have a positive
impact on our bottom line.
In addition the on going business expansion projects we have in our gas and
energy services businesses are on track. In particular, the pipeline expansion
should be concluded as planned by the fourth quarter of this year. The business
should start contributing to the Company"s profitability.
Profit and Loss Statement of the group
All FIGURES IN $"Millions
GROUP
Actual Q1 Actual Q1
06 05
Turnover 410.32 400.68 2%
Cost of Sales (380.95) (373.51) 2%
Gross Margin 29.37 27.17 8%
Other Operating 1.07 1.97 -46%
Income/(Charges)
Operating Expenses (20.92) (21.34) -2%
Operating Profit 9.52 7.80 22%
Interest Payable & Similar (1.84) (0.48) 283%
Charges
Profit/(Loss) Before Tax 7.68 7.32 5%
Provision for Taxation (1.67) (1.64) 2%
Profit after Taxation 6.01 5.68 6%
Attributable to Minority 0.17 0.90 -81%
Interest
Attributable to the Group 5.83 4.78 22%
Earnings per share (Cents 1.02 0.83 22%
Adjusted Earnings per share 1.02 0.83 22%
(Cents
Registered office: Stallion House, 2, Ajose Adeogun Street, Victoria Island,
Lagos, Nigeria
Directors:
1. General M. Magoro (Rtd.) - Chairman
2. Mr. J. A. Tinubu - Group CEO
3. Mr. O. Boyo - Deputy Group CEO
4. Mr. O. P. Okoloko - Executive Director
5. Prince F. N. Atako JP. - Director
6. Mr. A. Akinrele - Director
7. Mr. O. Ibru - Director
8. Alhaji H. Mahmud - Director
9. Mr. I. Osakwe - Director
10. Mr. O. Osifo - Director
Company Secretary: Mrs. Oredeji Delano
Office of the South African registrars:
Computershare Investor Services 2004 (Proprietary) Limited
(Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107
Date 10 May 2006
Issued by: Deutsche Securities (SA) (Proprietary) Limited
Date: 10/05/2006 03:33:39 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department